Dubai. The Dubai bourse’s main index fell by nearly one per cent on Wednesday for the second day in a row as share prices of blue chips slid.
The Dubai Financial Market (DFM) index dropped by 0.92 per cent to reach 2,823.56 as share prices of Emaar declined by 1.25 per cent after falling 3 per cent on Tuesday. Share prices of Emirates NBD also went down 1.12 per cent, as Dubai Islamic Bank’s share prices ended 0.94 per cent lower.
Trade values in the market shrunk, with just Dh123.7 million traded on the DFM. Analysts said that while the declines in the index and in Emaar’s share price over the past two days are not significant, they were likely due to selling activity by foreign investors.
Analysts said foreigners may be adjusting their positions in the Middle East following the geopolitical uncertainty after oil facilities in Saudi Arabia were attacked by drones this weekend.
In Abu Dhabi, the main index inched down 0.28 per cent to close at 5,156.07.